Lloyd’s has secured £650m in cover to protect its Central Fund against severe tail end events and adverse solvency developments.
The new multi-layered cover will reimburse aggregate payments from the Central Fund in excess of £600m up to £1.25bn.
Supported by newly-created and Aon-owned cell Constellation IC Ltd, cover is financed by JP Morgan and reinsurers Arch, Berkshire Hathaway, Everest Re, Hannover Re, Munich Re, RenaissanceRe, Scor and Swiss Re.
Burkhard Keese, CFO, Lloyd’s said: “We are very proud to place this innovative cover with eight of the world’s leading reinsurance companies and secure the support and commitment from one of the largest investment banks, JP Morgan. This unique structure will enable us to support the market’s growth ambitions over the next few years, whilst also strengthening the resilience of our balance sheet. Our capital management and position are now more resilient than ever, providing enhanced protection for customers.”
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